Bitcoin slipped below $81,000 on Saturday morning, pushing weekly losses to 9% amid continued market volatility. Over $380 million in long positions were liquidated in the past hour following the sudden drop, according to CoinGlass.
The leading crypto asset was trading at around $80,900 at press time, down 3% in the last 24 hours, CoinGecko data shows.
Macroeconomic headwinds continue to weigh on crypto markets. A partial government shutdown, which began over the weekend, has heightened market tensions as lawmakers await a Monday vote, while a new 50% tariff on Canada stirs trade worries.
The Fed’s decision to pause interest rate cuts this week, along with the nomination of Kevin Warsh, has kept investors cautious despite Trump’s push for more aggressive easing.
Institutional sentiment has also weakened. US-listed spot Bitcoin ETFs recorded $1.5 billion in outflows for the week, with BlackRock’s IBIT posting a record single-day loss of $528 million on Friday, the largest since its launch.